Earning a degree in business administration can be very personally and professionally rewarding. This degree can set you up for a fulfilling and fruitful career in accounting, marketing, finance, or any other field of business, but finding an affordable program can be challenging.
As online learning continues to become more popular, affordable online business administration degree programs are more common and accessible than ever. These programs let you earn your degree in a flexible online learning environment and often cost much less than traditional alternatives.
To help you find a school that suits your needs and fits your budget, here are the most affordable online business administration degree programs and a few tips for reducing your education costs.
How To Reduce the Cost of Your Business Administration Degree Program
When considering an affordable online business administration degree program, there are several strategies you can employ to reduce the overall cost, including choosing the right type of institution, attending an in-state university, and applying for financial aid.
Implementing these methods allows you to make informed decisions and manage your finances effectively.
Attend a public school
One of the most effective ways to reduce the cost of your degree program is by attending a public college or university. Public institutions typically charge lower tuition fees than private colleges while offering high-quality programs.
According to the National Center for Education Statistics (NCES), students who qualify for in-state tuition at four-year public colleges and universities pay an average of $9,400 per year, compared to $37,600 at private nonprofit universities.
With these figures in mind, choosing a public university is the way to go if reducing your costs is your number one priority.
Qualify for in-state tuition
Another way to minimize the cost of your business administration degree program is by qualifying for in-state tuition rates. Many colleges and universities charge significantly lower rates for in-state students than out-of-state students. If you have recently moved to a new state, waiting until you establish residency and qualify for the reduced in-state tuition may be beneficial.
However, it’s important to note that some schools charge all online students the same rate regardless of residency, so before submitting your applications, review each college’s tuition policies for more information.
Submit your FAFSA
To access financial aid opportunities, such as grants and loans, you need to submit the Free Application for Federal Student Aid (FAFSA) each year that you attend college. By completing this form, you provide information about your financial situation, allowing the government and educational institutions to determine your eligibility for financial assistance.
One notable grant is the Pell Grant, awarded based on financial need. Students who qualify for Pell Grants can receive a significant amount of financial aid to help cover their education expenses. The amount changes yearly, but the Pell Grant typically provides between $5,000 and $10,000.
Apply for scholarships
Scholarships are an excellent way to reduce the financial burden of earning a business administration degree. Many organizations offer scholarships exclusively for business students. Here are a few examples of scholarship opportunities:
- The Abbott & Fenner Scholarship awards $1,000 to high school juniors and seniors interested in enrolling in a business program.
- The Ritchie-Jennings Memorial Scholarship Program awards up to $10,000 to students majoring or minoring in accounting, business administration, finance, criminal justice, or a related discipline.
- The AICPA Foundation Two-Year Transfer Scholarship Award provides up to $5,000 to students looking to transfer from a two-year college to a four-year institution to complete a degree in accounting or a related field.
You should also check with your school for scholarship opportunities, as many institutions offer both need-based and merit-based scholarships. Make sure to apply as soon as possible, as many scholarships have limited funds, which can run out if you wait too long.
By actively seeking and applying for scholarships, you can offset the cost of your education and make it more affordable.
Consider work-study programs
Work-study programs provide an opportunity for students to work part-time while studying. These programs, often offered by educational institutions, allow students to gain practical work experience and earn money to help cover their educational expenses.
Work-study positions are typically available on campus, and the hourly wages earned can be applied to tuition fees or other educational costs. Participating in a work-study program reduces the financial burden and provides valuable work experience that can enhance your resume.
Is a Business Administration Degree Worth It?
Understanding what types of jobs you will qualify for and how much you can expect to earn is essential when deciding whether or not pursuing a specific career path is a worthwhile investment.
According to data from the Bureau of Labor Statistics (BLS), individuals in business and finance tend to earn significantly more than the average worker. The average annual wage for business and finance occupations was $76,570 in May 2021, compared to the overall average of $45,760. This data demonstrates the potential for higher earnings and career growth in business-related fields.
Moreover, a business administration degree offers diverse career opportunities. Graduates can pursue various career paths, such as:
- Financial Analyst: Responsible for analyzing financial data and providing recommendations to businesses and individuals.
- Human Resources Manager: Oversees employee recruitment, hiring, and organizational management.
- Marketing Manager: Develops and implements marketing strategies to promote products or services.
- Operations Manager: Manages the day-to-day operations of a business to ensure efficiency and productivity.
- Entrepreneur: Starts and manages their own business venture.
These are just a few examples of the many career options available to business administration graduates. There are also plenty of opportunities for advancement for those interested in continuing their education by pursuing a Master of Business Administration (MBA). The versatility of this degree allows individuals to explore their interests and follow a path that aligns with their passion and skills.
Our Research
This list features some of the country’s most affordable online business administration degree programs. Each school featured is a nonprofit, accredited institution, either public or private, with a high standard of academic quality for post-secondary institutions.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of the most affordable online business administration degree programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Most Affordable Online Business Administration
